TMX group

TORONTO, Oct. 31 /CNW/ - PDM Royalties Income Fund (the "Fund") (TSX:
PDM.UN) and Pizza Delight Corporation Ltd. are very pleased to announce that
Toby Singlehurst has joined the Company as Chief Development Officer.
Toby has spent twenty years in the foodservice industry, most recently
as the Vice President of Real Estate and Development with Cara Operations
Limited. His background also includes growing and developing Kelsey's
Restaurants, the casual dining chain. Toby welcomes the opportunity to
replicate his past success in his new role as Chief Development Officer for
Pizza Delight Corporation Ltd. Pizza Delight, Mikes, and Scores restaurants
are known for providing good food and excellent value to their customers,
which make them a favourite among many Canadians.
Having recently completed Strategic Planning sessions for Mikes and Pizza
Delight, the Company is preparing to open a new office in Ontario where Toby
will be based and lead the growth of the three brands.
The Fund is a limited purpose open-ended trust established under the laws
of Ontario. The Fund will make monthly distributions of its available cash to
holders of units. The Fund indirectly owns the trade marks and intellectual
property for the Pizza Delight, Mikes, and Scores brands and has licensed them
to Pizza Delight in consideration for a royalty equal to 4% percent of system
sales, and in the case of Scores, the royalty rate is 6%.
Pizza Delight is a privately owned corporation, headquartered in Moncton,
New Brunswick. It operates franchised and corporate restaurants under the
brand names Pizza Delight(R), Mikes(R), and Scores(R) restaurants. Pizza
Delight(R) operates primarily in Atlantic Canada, where it dominates the
family/mid-scale segment.  Mikes(R) and Scores(R) restaurants operate
primarily in Quebec in the family and casual dining segments and the take-out
and delivery segments.
%SEDAR: 00018600E